Platform to enrich pricing experience for underwriter workbench at Global Insurer
Client Overview:
The client is a global insurance leader focused on helping customers to solve unique risks. Company wanted to build a modern, unified pricing platform that would solve existing pricing challenges faced by its underwriters and provide enhanced visibility and user experience.
Business Challenges:
The client had multiple excel-based pricing raters, all built on legacy technology, which required significant manual steps. The process of generating a quote was more time consuming and difficult to maintain. It also made it difficult to add digital capabilities to enable the business to increase efficiency and improve customer/user experience.
Solution:
XDuce developed a solution that enables quick, secure, and efficient creation and deployment of pricing models. The technical premium is now being efficiently delivered to underwriters and ongoing performance monitoring has been enabled. The project scope included developing front-ends for end-user consumption (as needed) and storing pricing data for reporting. The solution was built on Azure cloud, leveraging React JS, .Net Core 3.1, Azure SQL and other 3rd party services via API’s.
Project Layout
TECHNOLOGIES
TECHNOLOGIES
Business Benefits:
- A modern, unified platform that deploys pricing models and exposes them as APIs for runtime price calculation.
- Unified view and visibility of both external & internal data, enabling underwriters to view account & portfolio level data, loss history and review risk appetite.
- Centralized data warehouse to provide aggregated policy & claims data for Account & Portfolio level views on UW Workbench, further increasing visibility
- Automation of manual processes. Improved underwriter experience and efficiency.
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